Visteon Annual Sales Up 12%
Net income for full year 2010 was $1.03 billion and included $933 million of net reorganization gains in connection with the company's emergence from Chapter 11 on October 1, 2010.
Adjusted EBITDA for full year 2010 was $614m, an increase of $160m compared with $454m for 2009. For full year 2010, the company generated $174m of cash from operating activities, an increase of $33m compared with 2009.
Product sales for full year 2010 were $7.32 billion, up $903m, or more than 14 percent, from 2009, reflecting higher customer vehicle production volumes and favorable currency. Gross margin for 2010 was $809m, increasing $212m over full year 2009.
Selling, general and administrative expenses for 2010 totaled $395m compared with $331m for 2009, an increase of $64m. Equity in net income of non-consolidated affiliates of $146m for full year 2010 represented a $66m increase over 2009.
Visteon reported net income of $1.03 billion for full year 2010, including net reorganization gains of $933m.
Fourth quarter 2010 product sales were $1.89 billion, down $81m year-over-year, primarily due to the impact of divestitures and plant closures of $128m and unfavorable currency - partially offset by slightly higher vehicle production volumes.
For fourth quarter 2010, the company reported net income of $1.13 billion, including reorganization gains of $1.06 billion. Adjusted EBITDA for fourth quarter 2010 was $138m, a decrease of $92m from the same quarter a year earlier.
Visteon expects full year 2011 product sales in the range of $7.3 billion to $7.5 billion and adjusted EBITDA in the range of $620m to $660m. Free cash flow is expected to be a use of approximately $225m.
Donald Stebbins, chairman, CEO and president of the company, said: â€œOur full-year financial results significantly improved from last year, reflecting our ongoing operational actions, benefits from our restructuring initiatives and an upswing in global vehicle production volumes. We capitalized on sales growth in China and other emerging markets through our extensive manufacturing and engineering presence in these key regions.â€
Will the firm further improve net sales in 2011?
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